August new home sales surge to 11-month high on pent-up demand

"Backed by pent-up demand, we had anticipated that August's new home sales could match the 1,080 units sold in July, or perhaps just moderate slightly given that market activity is typically slower during the Hungry Ghost month ," said Wong Siew Ying, PropNex head of research and content."Hence, the 1,227 caveats posted in August has surprised on the upside."

This was higher than the peak of 5,510 during the 2003 Sars outbreak, but below the 2009 global financial crisis high of 12,760. More job losses are expected to come. For many Singaporeans, residential properties may still be a"safer bet" especially for investors who are looking for stable returns during times of economic uncertainty.

Purchasers deem that the risk of price increases is greater than the risk of price declines for Singapore properties, and that they could possibly miss out on an eventual upswing in asset values that have historically followed after every recession, he noted, pointing out:"As such, sales activity quickly picks up upon word of discounts and promotions by developers."

RCR's volume of 49.2 per cent is the highest since September 2019 when RCR formed 58.7 per cent of the total new home sales .

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

General Motors picks 11% stake in Nikola; to jointly make electric pick-up truckGeneral Motors Co said on Tuesday it was acquiring an 11per cent stake in U.S. electric truck maker Nikola Corp , worth about US$2 billion, and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Bangladesh ferry accident kills at least 11, many missingDHAKA (REUTERS) - A ferry in Bangladesh carrying around 40 passengers capsized after colliding with a sand-laden vessel on Wednesday (Sept 9), leaving at least 11 people dead and many more missing, officials said.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Yanlord's contracted pre-sales more than double to 12.03b yuan in AugustREAL estate developer Yanlord Land Group saw its contracted pre-sales from residential and commercial units as well as car parks more than double to 12.03 billion yuan (S$2.41 billion) in August, from 4.81 billion yuan a year ago. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Airbus jet deliveries slip in August, stays ahead of BoeingAirbus deliveries slipped in August, slowing its recovery from the coronavirus demand meltdown, but the European planemaker remained well in ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Airbus jet deliveries slip in August, stays ahead of BoeingAirbus deliveries slipped in August, slowing its recovery from the coronavirus demand meltdown, but the European planemaker remained well in ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Tesla China sold 11,800 Model 3 vehicles in August: CPCAU.S. electric vehicle maker Tesla Inc sold 11,800 Shanghai-made Model 3 vehicles in China in August, up from 11,000 units in July, according to ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »